Africa loves crypto. Uganda has launched a pilot project of central bank digital currency (MNBC) as part of a broader effort tokenization of financial assetswhile its neighbor Kenya is set to pass a cryptocurrency regulation bill. Things are moving on the African continent, the hotbed of crypto adoption in the world. We take stock together.
The key points of this article:Uganda launched a central bank digital currency pilot and tokenized $5.5 billion in real assets.
Kenya is in the process of adopting legislation to regulate cryptocurrencies, with a framework for trading and consumer protection.
Uganda tokenizes RWA and tests its MNBC
The blockchain financial infrastructure company Global Settlement Network (GSN) has partnered with Ugandan developer Diacente Group in an initiative aimed at tokenize $5.5 billion in real-world assets. And the experiments also include a pilot project of MNBCthe companies announced Wednesday via a press release. There MNBC of theUgandaa digitized version of the Ugandan shilling, was deployed on the blockchain authorized by GSN, backed by government bonds Ugandans, and it is accessible via a smartphone, according to GSN and the Diacente group. The pilot project also complies with the standards of local compliance et internationalincluding Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. At the same time, the tokenization effort will focus on the digitalization of key flows in key sectors, including physical infrastructure such as processing centers agri-foodoperations mining and the power stations solar. The president of the Diacente group said the initiative hoped to unlock “a long-term value for our people and our region” :
“By integrating tokenization and MNBCs into Uganda’s development roadmap, we are creating transparent, technology-driven ecosystems that attract new capital, empower local industries and increase sustainable growth from scratch. »
Edgar Agaba, president of the Diacente group – Source: Press release
Finally, to be complete on the subject, know that the Nigeria was the first African country to launch an MNBC in 2021, with largely questionable success. According to the Overseas Development Institute think tank which monitors the various projects, several other countries, such as Ghana and theSouth Africaalso piloted various tests around MNBC.
Kenya's National Assembly adopts text on crypto – Source: YouTube
Kenya adopts cryptocurrency law
Finally, theEgypt has a launch date of 2030, while the Rwanda and the Kenya are still in the research and public consultation phases. And indeed, direction now Nairobi with the vote of a new law which concerns the crypto sector. This bill on VASP [fournisseurs de service d’actifs virtuels] of Kenya, first introduced in January, establishes licencesprotections for consumers and a framework for exchanges, courtierswallet operators and issuers of tokens. The bill was adopted by the Parliament of the country on Tuesday after the third reading and is now awaiting the signature of the president to become effective. Under the legislation, the Central Bank of Kenya will oversee payment and custody functions, while the Capital Markets Authority will regulate investment and trading activities.
Progress report on various MNBC projects in Africa – Source: odi.org
Africa at the forefront of global crypto adoption
As for theUgandathere are also KYC and AML provisions in line with the standards of the intergovernmental body, the Financial Action Task Force, as well as rules against misleading advertisingas well as fines andother sanctions.
Sub-Saharan Africawhich includes Uganda and Kenya, was reported as the third region fastest growing in terms of adoption cryptocurrency in a September report from blockchain data platform Chainalysis, after $205 billion in on-chain value was received between July 2024 and June 2025. It is estimated that more than 75 million users will be in the crypto space in Africa by next year, according to online data platform Statista, with a usage rate of 5,90 %. The continent's total turnover should even reach $5.1 billionagain by 2026. Stablecoins account for around 43% of the sub-Saharan Africa region's total transaction volume, Chainalysis reported on October 2, with Nigeria, South Africa, Ghana, Kenya and Zambia making up the top five. Uganda was seventh. When we tell you that things are moving south of the Mediterranean.